By: Tom McMurrain
Loyalty incentives have been a well-establish marketing method since the dawn of time. From the few cents you used to collect for returning a bottle (pfand in Europe, still very popular) to loyalty cards which earn the customer discounts, there have been many tried and tested models.
Apart from in healthcare.
Think about it, it’s the one guaranteed service we will all use in our lives and how many of us are able to take advantage of any loyalty rewards? But if we bought in bulk it would be the biggest reward of all, and that’s exactly what CMDX is trying to establish.
By incentivising patients to take one big step and use cryptocurrency (something Elon musk recently said was better than cash) for all of their medical needs, then patients and providers could benefit from a brand loyalty programme that is not limited to one practice.
Most reward-based marketing strategies reward clients for brand loyalty, from airlines to supermarkets points gained from spending with the brand can be redeemed for discounts on future services. While you might be thinking ‘well how does this model transfer to healthcare?’ actually it becomes easier to replicate when more people get involved. Economies of scale as it is.
CMDX is a cryptocurrency that has been specifically created to be used within the healthcare sector. Patients can invest in the currency to set funds aside for their future healthcare, and practitioners can accept cryptocurrency payments via the platform and as a result expand their reach to new patients and benefit from the growing advantages of cryptocurrency transactions over more traditional payment methods. The fact that patients who adopt CMDX as their preferred payment method for healthcare will be using the currency for a wide range of services, not only limited to traditional therapies but also services within the wellness industry, means that the use of the currency itself can be used to generate brand loyalty. Until now, the healthcare industry has been widely regarded as one that takes a great deal financially, but offers very little in return in terms of commercial competition for clients. With CMDX aiming to allow patients to pay for the full spectrum of their health and wellness treatments with the currency, incentivising brand loyalty to the coin – and in turn to providers who accept CMDX as a payment method – means that both patients and practitioners will benefit from a new era in healthcare funding.
Beyond brand loyalty though, CMDX is looking to reward users for living a healthy lifestyle too. This not only means taking care of health concerns by consulting practitioners who accept the currency, but also rewarding people who use the currency for adopting a healthy lifestyle. Users can earn currency for getting a full night’s sleep for example. The idea is to allow patients to generate more funds for themselves without having to invest more financially, but by incentivising a healthy lifestyle that should in turn decrease the number of major and long-term health conditions that users suffer from. The approach is game changing, it is the first-time patients’ health and wellbeing is being covered across the board, not from a preventive versus curative standpoint, but from an approach that aims to cover all bases for patients and practitioners alike.
The general public on the whole is taking a greater interest in caring for themselves, and there is widespread disdain in respect of the current healthcare economy. Adweek recently reported that consumers are shifting away from traditional brands that they had been loyal to for decades in favor of smaller companies that focus on the wellbeing of consumers. Big brands including Nestle and Kraft both concluded that the wellness trend was responsible for the slowdown in their sales figures for 2017.
The arrival of CMDX has the ability to completely shake up the healthcare provider market, put the patient-practitioner relationship back at the center of healthcare, and to alleviate the stress induced by confusing insurance policies that are often difficult to access in times of need. Adweek points out that healthcare providers are looking at how high-end retail operates to establish how to modernize patients’ experiences.
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